By Kenneth Boyd
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Additional resources for 1,001 Accounting Practice Problems For Dummies
Which of these accounts is an example of a commonly used contra asset? 152. What is the primary consideration when first setting up a chart of accounts? 153. What is a chart of accounts? 154. What type of account usually begins a chart of accounts? 155. What are the components of a chart of accounts? 156. What account does a business need in its chart of accounts to record expenses for renting its warehouse space? 157. What accounts does a business need in its chart of accounts to record sales to customers on account?
151. A provided list of accounts includes depreciation expense, accounts receivable, accumulated depreciation, accounts payable, and sales revenue. Which of these accounts is an example of a commonly used contra asset? 152. What is the primary consideration when first setting up a chart of accounts? 153. What is a chart of accounts? 154. What type of account usually begins a chart of accounts? 155. What are the components of a chart of accounts? 156. What account does a business need in its chart of accounts to record expenses for renting its warehouse space?
163. Why are certain accounts closed at the end of the year? 164. Which of the following accounts is a nominal account? accounts receivable inventory allowance for bad debt prepaid insurance rent expense 165. Which of the following is an example of a nominal account? interest income interest payable accumulated depreciation warranty accrual unearned revenue 166. Which of the following is an example of a real account? service revenue inventory cost of goods sold interest expense advertising expense 167.